Gulf International Bank concludes the first syndicated loan linked to sustainable development
- Facility linked to KPIs on carbon reduction, gender diversity and sustainability reporting
Manama: Gulf International Bank BSC (GIB) today announced that it has successfully closed a US $ 625 million Sustainability Syndicated Loan (SLL), making GIB the # 1 Bahrain-based bank and the # 1 majority-owned bank Saudi Arabia to shut down such a facility.
The transaction was well received in international markets and largely oversubscribed with commitments more than twice the original facility amount of $ 500 million, reaching $ 1.1 billion. In view of the high interest, GIB decided to increase the amount of the facility to $ 625 million.
A diverse group of more than 20 global investors from the United States, Europe, the Middle East and Asia participated in the landmark transaction which incorporates environmental, social and governance (ESG) measures related to reducing carbon emissions, gender diversity and sustainability reporting. SLL reflects GIB’s focus on raising capital in support of a more sustainable economic landscape for its customers and stakeholders.
Citibank, First Abu Dhabi Bank, HSBC Bank Middle East Limited, Sumitomo Mitsui Banking Corporation and Societe Generale acted as lead managers and original bookkeepers mandated in connection with the transaction. HSBC acted as the sole sustainability coordinator.
GIB Group CEO Abdulaziz Al-Helaissi said: âWe are delighted to close this historic facility and are proud of the opportunity to highlight GIB’s long-term strategy and commitment to sustainable finance and investing. . As a pioneering bank, it is important for us to be at the forefront with new instruments that allow us and our clients to transact in a more sustainable way.
Jamal Al Kishi, CEO of GIB BSC, added: âThe success of this syndicated loan backed by leading international banks is a testament to the strong support and interest of global financial institutions for GIB and our position as the l one of the leading banking institutions in the Middle East. East. In addition, it also shows the growing commitment of investors and borrowers to make a greater social and environmental contribution.
About Gulf International Bank (GIB)
Gulf International Bank BSC is a pan GCC universal bank established in 1975 and regulated by the Central Bank of Bahrain. GIB’s services are provided in the GCC and international markets through its subsidiaries: GIB Saudi Arabia and GIB (UK) Ltd. In addition, the Bank has branches in the United Arab Emirates, London and the United States.
GIB is owned by the governments of the Gulf Cooperation Council countries, with the Saudi Arabia Public Investment Fund being the major shareholder.
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Â© Press release 2021